Cater Allen Ltd, Re [2002] EWHC 3147 (Ch) (30 April 2002)

Cater Allen Ltd, Re [2002] EWHC 3147 (Ch) (30 April 2002)

Section 112(2) FSMA 2000 gives the court power to sanction the transfer of property or liabilities even if they are otherwise non-transferable, distinguishing the present statutory regime from the Companies Act provisions considered in Nokes v Doncaster Amalgamated Collieries Ltd.

Citation
[2002] EWHC 3147 (Ch)
Parties
Transferee: Cater Allen Limited; Transferor: CA Premier Banking Limited
Jurisdiction
England and Wales
Judgment Date
30 April 2002
Procedural Posture
Application Under Financial Services and Markets Act 2000 / Final Order
Outcome
application granted
Legal Topics
Transfer of Banking Business, Court Sanction of Business Transfer, Statutory Interpretation
Banking Law Company Law Financial Regulation Transfer of Banking Business Court Sanction of Business Transfer Statutory Interpretation

Case Brief

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Parties

Cater Allen Limited

Transferee

CA Premier Banking Limited

Transferor

Procedural Posture

Application Under Financial Services and Markets Act 2000 / Final Order

Legal Issues

  1. 1 Whether the court has power under ss 111 and 112 of the Financial Services and Markets Act 2000 to sanction the transfer of banking business including non-transferable property or liabilities
  2. 2 Whether the precedent in Nokes v Doncaster Amalgamated Collieries Ltd restricts the court's power under the FSMA

Ratio Decidendi

Section 112(2) FSMA 2000 gives the court power to sanction the transfer of property or liabilities even if they are otherwise non-transferable, distinguishing the present statutory regime from the Companies Act provisions considered in Nokes v Doncaster Amalgamated Collieries Ltd.

Court Disposition

application granted

Orders

  • Order made sanctioning the transfer of the banking business of CA Premier Banking Limited to Cater Allen Limited under ss 111 and 112 FSMA 2000.